Tallahassee, FL 12/1/11 (StreetBeat) --Movado Group Inc.'s (NYSE:MOV) net income slipped 4 percent in the third quarter as the prior-year period had a one-time benefit. But revenue climbed on strong sales of its high-end watches, and the company boosted its full-year adjusted earnings outlook.Its stock gained $1.57, or 10 percent, to $17.30 in premarket trading.
Movado reported Thursday that it earned $16.4 million, or 65 cents per share, for the three months ended Oct. 31. That compares with earnings of $17.1 million, or 69 cents per share, a year earlier.
The year-ago period included a one-time benefit of 17 cents per share related to the reversal of a previously recorded liability related to a retirement agreement with former Movado Chairman Gedalio Grinberg, who died in 2009. Excluding that gain, earnings were 52 cents per share in the prior-year period.
Analysts polled by FactSet expected earnings of 47 cents per share for the August-October quarter.
Revenue rose 16 percent to $142.6 million from $123 million, helped by higher sales of Movado watches and its licensed watch brands such as Coach, Tommy Hilfiger and Juicy Couture.
The Paramus, N.J., company said that its strong third quarter prompted it to increase its fiscal 2012 adjusted earnings to a range of 93 cents to 98 cents per share. Its prior guidance called for adjusted earnings between 60 cents and 65 cents per share.
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